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Regime: Risk-on, as equity futures surge on hopes of softer US payrolls and bond yields drift lower (US 10Y at 4.357%). Today’s market themes: US Payrolls showdown: markets bracing for a potential dovish surprise amid a crowded USD long positioning. Iran tensions: Oil prices remain volatile amid geopolitical instability and supply…
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Where we are: The DXY currently trades at 97.77, down 0.35% on the day, having traded in a range of 97.75-98.17. The dollar is testing ten-week lows amidst a broad risk-on move. We see scope for further weakness if today’s US data misses, potentially targeting 97.50. What’s driving it: A tentative…
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Where we are: The S&P 500 futures are currently trading at 7405.75, up 0.92% on the day, pushing into fresh all-time highs with an intraday range of 7338.00-7412.00. This compares to a cash close yesterday of 7337.10, with futures holding gains through the European morning despite a mixed showing from cash…
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Where we are: Gold (COMEX) currently trades at 4739.5, up 0.85% on the session, having traded in a range of 4690.7-4743.5. Bullion is bid firmly above the psychological 4700 level and is testing the upper end of its recent range, supported by the ongoing decline in real yields. Intraday momentum has…
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Where we are: EUR/USD is currently trading at 1.1777, up 0.45% on the day and testing the upper end of its intraday range of 1.1723-1.1778. The Fiber has caught a bid throughout the European morning, extending gains from the Asian session and challenging levels last seen in late April. This current…
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Where we are: Nasdaq futures are currently trading at 28950.25, up 1.38% and near the day’s high of 28975.25. This represents a substantial recovery from the cash market close of 25806.20 and suggests a strong open for the New York session. The overnight range has been relatively contained, indicating consolidated bullish…
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Where we are: GBP/USD currently trades at 1.3621, up 0.52% on the day, trading near the top of its intraday range of 1.3547-1.3624. Cable has caught a solid bid during the European morning, extending gains from yesterday’s close above 1.3550. The pair is testing levels not seen in over two months…
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Where we are: USD/JPY is currently trading at 156.55, down 0.19% on the day, after a relatively contained overnight range of 156.53-156.99. The pair remains elevated, consolidating after recent spikes higher and still well above the 156 handle. This level is particularly important given the previous intervention zones flagged by the…
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Where we are: Dow futures currently trade at 49891, up 274 points or 0.55% on the session, having traded in a range of 49609 to 49955 overnight. Cash Dow closed yesterday at 49597, having traded a wide intraday range between 49488 and 50130. Futures are holding the overnight bid, suggesting dip-buyers…
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Where we are: USD/CAD is currently trading at 1.3686, up 0.18% on the day, testing the upper end of its intraday range of 1.3643-1.3693. The pair has edged higher through the Asian and European sessions, partially retracing the dip seen earlier in the week. The market is holding just below the…
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Where we are: Bitcoin is currently trading at $80,117, up $381 (+0.48%) on the day, holding within its overnight range of $79,231-$80,483. The asset is showing resilience after Coinbase posted a steeper-than-expected Q1 loss after yesterday’s close. ETH is lagging, essentially flat on the day. What’s driving it: Bitcoin’s funding rates…
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Where we are: The FTSE 100 is currently trading at 22888, up 87 points or 0.38% on the day, having traded in a range of 22684-22939. The index is attempting to build on yesterday’s rebound, spurred by easing UK gilt yields. The Footsie remains below intraday highs printed earlier this morning,…
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Snapshot: AUD/USD trades at 0.7243, up 0.52% on the session, driven by strength in copper prices. The RBA remains reluctant to commit to a cut path, with the Board cautious due to services inflation and a tight labour market. Focus shifts to the 08:30 ET US jobs report. AUD/USD showing strength…
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Snapshot: WTI Crude trades at 95.10, down 2.35% on the session. President Trump’s comments reinforcing the Iran ceasefire are weighing on prices despite ongoing Strait of Hormuz disruptions. Watch for the 08:30 ET US employment data, especially Non-Farm Payrolls, for further direction. Key support is seen at the day’s low of…
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Snapshot: The Nikkei 225 is trading at 62714, up 95 points (+0.15%) in today’s session, driven by firm domestic yields. JGB 2Y yields remain stable at 1.369%, while the 10Y is slightly lower, supporting risk appetite in the face of renewed geopolitical concerns stemming from the Middle East. Watch JGB 10Y…
